BTC : Logical slip lower in classic post-bear basing
As I suspected in last update, this first run above then down to the 150 day moving average as support did not hold. It was an important battle move for the bulls, but more time is necessary. Today we logically slipped down a bit, to find the 50 day moving average in the blink of an eye and of course it aligns with logical horizontal support.
So again... will it hold? 50/50 are the odds I'd give it. Our long side eyes want to see it hold, but ultimately it's a coin flip. To be honest, a break and fall back to test that H&S neckline is just as likely and that would have a long term positive affect by washing out a few (or more than a few) more weak hands.
This is classic technical basing following a harsh period of bear dominance
So again... will it hold? 50/50 are the odds I'd give it. Our long side eyes want to see it hold, but ultimately it's a coin flip. To be honest, a break and fall back to test that H&S neckline is just as likely and that would have a long term positive affect by washing out a few (or more than a few) more weak hands.
This is classic technical basing following a harsh period of bear dominance
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